Bank of America Co. (NYSE:BAC) Shares Sold by Physician Wealth Advisors Inc.

Physician Wealth Advisors Inc. cut its holdings in Bank of America Co. (NYSE:BAC) by 12.4% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 6,435 shares of the financial services provider’s stock after selling 908 shares during the period. Physician Wealth Advisors Inc.’s holdings in Bank of America were worth $223,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Rossmore Private Capital raised its stake in shares of Bank of America by 1.2% in the fourth quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock worth $894,000 after acquiring an additional 303 shares during the last quarter. Chemistry Wealth Management LLC raised its stake in shares of Bank of America by 0.3% in the first quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock worth $4,154,000 after acquiring an additional 310 shares during the last quarter. Regent Peak Wealth Advisors LLC raised its stake in shares of Bank of America by 3.2% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after acquiring an additional 314 shares during the last quarter. Kennedy Investment Group raised its stake in shares of Bank of America by 0.6% during the fourth quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock worth $1,953,000 after buying an additional 321 shares during the last quarter. Finally, Private Ocean LLC raised its stake in shares of Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after buying an additional 325 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of recent research reports. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. UBS Group reissued a “neutral” rating and set a $40.00 price target (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Piper Sandler boosted their price target on shares of Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a research note on Tuesday, June 4th. HSBC reissued a “hold” rating and set a $39.00 price target (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Finally, StockNews.com downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Monday, May 20th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $39.79.

Bank of America Stock Up 1.3 %

Shares of Bank of America stock traded up $0.52 on Friday, hitting $39.77. The company had a trading volume of 52,028,200 shares, compared to its average volume of 35,164,596. The firm has a market capitalization of $311.02 billion, a P/E ratio of 13.76, a P/E/G ratio of 1.50 and a beta of 1.36. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $40.34. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a 50-day moving average of $38.91 and a 200-day moving average of $36.10.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.94 earnings per share. Research analysts predict that Bank of America Co. will post 3.22 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.41%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s payout ratio is 33.22%.

Bank of America Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.